You have worked hard your whole life and you have certain expectations as to who will inherit your estate when you pass. To accomplish this, you need more than just a simple will. This complicated matter of estate planning could be handled by an experienced, estate law attorney like Michael Alan Siddons, Esquire.
Without the proper planning and legal documents, your estate may end up in probate court, and in some states, your heirs may be required to pay as much as 7% of your estate’s value, up front, before releasing the property to your heirs. Since death does not always give you a warning or time to prepare, it is vital to contact an estate planning attorney in Baltimore, MD beforehand to help guide you in this process.
Wills are documents used to tell others your final wishes. They are used as instructions about what should happen to your property, who becomes a guardian for your children, how your debts and taxes are to be settled, what your funeral arrangements are, etc. after your death. Wills pass through probate, meaning that a court will oversee your will to ensure your wishes are carried out. There are specific rules and steps that need to be followed in order to make your will valid and limit the ability of others to contest it. Therefore, secure your wishes by contacting the Law Office of Michael Alan Siddons, Esq. to assist with all your estate planning needs.
Most people have heard of trusts, but few really know the difference between a trust and a will. One of the major differences between the two is that a trust is a document that goes into effect immediately – as soon as it is created – whereas a will only goes into effect after your death. Trusts can be used to give some of your property to your heirs while you are still living, or provide for it to fully transfer only after your passing. Another difference between trusts and wills is that trust can only be used for property, and not to designate guardians for your children or pets, and trusts do not cover all your assets, but rather just the items you chose to have included. Finally, another major difference is that trusts do not pass through probate, meaning the courts are not involved (and thus do not charge fees.)
A power of attorney is a written document that grants another person or entity the power to represent you, and make decisions for you – basically, anything you do yourself like making medical decisions about your care, accessing your bank accounts, signing legal documents, etc. – can all be assigned to someone else through a power of attorney. Powers of attorney can be very specific, for example, only allowing your designee to conduct one particular item of business, or they can be broad, giving your designee multiple rights. Some powers of attorney are even created to specify who and what actions can or cannot be taken should you fall gravely ill or suffer a serious accident. And all powers of attorney can have a designated time period for which they are valid. Attorney Michael Alan Siddons can draft the appropriate power of attorney for your specific needs, and even point out issues that you may have not considered, but that need to be included in that document. Call our office today!